I'm old enough to remember this same line of argument about internet company hype. That everyone wanted a company as successful as Microsoft or yahoo and was throwing money into anything that had a .com. Of course, one of those was Amazon.com ...
It's possible for one field to be 100% a scam (blockchain, NFTs), while another field is 99% a scam (AI startups), and yet the 1% ends up creating a massive new sector of the economy that is richer than anything prior.
Note that the new line of thinking is "if you didn't use at least 10,000 GPUs you didn't try anything". All the models that show even a spark of intelligence had very absurd amounts of compute put into their training. It is possible that galactica would have worked had facebook put more resources into it.